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Balfour Beatty PLC said on Thursday that its annual results were ahead of expectations despite the challenge of Covid-19, and it has upped its 2022 share buyback to £150 million.
The FTSE 250-listed construction firm nearly doubled its pretax profit in 2021 to £87 million from £48 million in 2020, but revenue slipped 3.8% to £8.26 billion from £8.59 billion.
Underlying profit from operations from earnings-based businesses more than doubled to £181 million from £75 million, and was ahead of the £172 million seen in 2019.
Balfour ended 2021 with an order book of £16.1 billion, down slightly from £16.4 billion at the same point the year prior.
Balfour declared an annual dividend of 9.0 pence per share, up from 1.5p in 2020.
Chief Executive Leo Quinn said: ‘In 2021, despite the challenges presented by Covid-19, we have delivered operating profits ahead of expectations. Balfour Beatty emerges from the last two years with capabilities intact and a higher quality order book. Together these provide the visibility to deliver profitable managed growth and sustainable cash generation.’
Looking forward, Balfour said it expects that all its earnings-based businesses will deliver further profit growth in 2022.
Shares in Balfour Beatty were up 3.3% at 239.40 pence on Thursday morning in London.
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